If the Dallas Independent School District decamps its longtime headquarters on Ross Avenue for a location downtown, you can expect a scramble by developers to buy the district’s property.

DISD is negotiating to acquire an office tower next door to the Majestic Theater downtown. The district has estimated that it would cost about $15 million to buy and renovate the Pacific Place office building.

It would use the high-rise to consolidate operations housed in multiple buildings — including its more than 60-year-old headquarters building at Ross and Washington avenues.

The school district owns almost 10 acres on Ross, which could be sold for other developments.

“There will be interest because of how Ross Avenue is transforming,” said broker Newt Walker. “The highest and best use is multifamily and retail.”

Apartment builders and townhouse developers are revitalizing Ross Avenue running east from downtown.

Developer JLB Partners built the successful Icon apartments at Ross and Hall Street. And Trammell Crow Residential is constructing more urban-style apartments at Ross and McCoy.

Other developers would like to do deals along Ross, but the property is in multiple hands. Tying up real estate takes lots of time and money. Many of the properties belong to longtime owners who aren’t interested in selling.

Real estate brokers say that land along Ross is selling from $30 to more than $40 a square foot, depending on the size of the tract and the location.

Given that the DISD property is so large and occupies three corners of Ross Avenue, developers might be willing to pay between $16 million and $18 million for the choice tract, based on broker price estimates for the area.

Or course, the land would need to be rezoned and planned for what would most likely be a combination of apartment and retail development.

“It would be a fight for it,” Rubin said. “To get almost 10 acres with corners, you’ve got to give yourself 20 percent more.

“It will bring a premium,” she said. “It’s a great location because what’s come up Ross.”

The other large piece of property that recently sold to apartment developers in the area just east of downtown is the City Lights property at Live Oak and Good Latimer.

That 4-acre property is much closer to downtown and right on DART’s light-rail line. That’s why it went for more than $50 per square foot.

Still, apartment land purchased on the near east side for between $40 and $50 per square foot is just a fraction of what land sells for in nearby Uptown. The most recent sales of land for apartments in Uptown have topped $200 per square foot.